Matthew Parry, senior oil analyst at IEA, explains what changed the view of the IEA on the surplus in global oil markets and discusses slowing demand in China and record output from OPEC. Here is a direct audio link.
Ryan Chilcote reports on the IEA numbers and ramifications for global markets while the young JPMorgan Global Market Strategist (sell side) offers a typical (comical) bullish view.
The surplus in global oil markets will last for longer than previously thought, persisting into late 2017, as demand growth slumps and supply proves resilient, the International Energy Agency said. World oil stockpiles will continue to accumulate through 2017, a fourth consecutive year of oversupply, according to the IEA. Consumption growth sagged to a two-year low in the third quarter as demand faltered in China and India, while record output from OPEC’s Gulf members is compounding the glut, said the agency, which just last month saw the market returning to equilibrium this year. Here is a direct video link.